Stock Groups

Evergrande Jumps Even as Its Fate Remains Uncertain By Investing.com


© Reuters.

By Dhirendra Tripathi

Investing.com – Evergrande stock (HK:) closed 7.6% higher in Hong Kong trading Monday as the Chinese central bank repeated its determination to keep market conditions orderly, although the fate of the debt-laden Chinese real estate developer remained uncertain.

A payment due date on the company’s dollar bond was missed during the week before, which triggered a grace period of 30 days. However, Wednesday is the due date for interest on the 9.5% March 2024 dollars bond. 

This year, shares of the troubled company have fallen 83%.

Evergrande has liabilities of around $305 billion and is scrambling to raise funds to service them. The parent group’s troubles sabotaged a planned share sale by the group’s electric car unit on Monday: shares in China Evergrande New Energy Vehicle Group crashed 26% after it warned of an uncertain future unless it got a swift injection of cash.

Shares of another Chinese developer, Sunac China Holdings (HK:), closed 8.5% lower in Hong Kong after it sought “special policy support” from authorities in eastern Shaoxing because operations in the city have become difficult.  

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.